That aspect of "worse is better", certainly. But work isn't about just being happy all the time, it's about doing work to acquire skills and experience as well as income. There is a range of acceptable levels of enjoyment at work and there's often a tradeoff with other factors. Grueling work might still be enjoyable if you have a great boss, great coworkers, and the work forces you to better yourself and provides useful experience or great, positive value to end users. Looking at a company in the early stages while they are flailing around a lot and half-assing things a lot and forming a distinctly negative opinion can sometimes be erroneous. Sometimes it's worthwhile to join an endeavor like that precisely because you'll have the opportunity to improve things so much. And perhaps there might be a lot of money to be made along the way as well. There is a degree of unpleasantness in some jobs which is so poisonous that one should escape as rapidly as possible no matter the financial opportunity cost (personally I walked away from a 6 figure income plus nearly 6 figures in bonuses and stock just to get out of such a job) but there are also many jobs that, while challenging and at times excruciatingly stressful, are still worth it for the RoI. There are tons and tons of folks who put in 5 or 10 years at Microsoft during the chaotic early years and then got rich enough to be able to go off and not only retire but indulge their interests, start new companies, etc.

Let us remember that we are here chatting on HN because PG sold his company to the quintessential collection of half-assers in tech history: Yahoo.